Cyprus Property News

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Cyprus Property News

Aristo Developers, one of the largest private land owners in Cyprus, pushed recent bad news surrounding the company to the back of people’s mind and asked over 1.000 owners to come to collect their title deeds.

These deeds amount to an impressive aggregate contract value of 250 million euro. But even more impressive is the good fortune of the lucky owners who look at saving 50% of the transfer fee due to recently passed legislation.

Title deeds, or the lack of them, have been a long standing problem in Cyprus. In some cases it took over a decade for the Land Registry to issue separate titles for property owners. The current Cypriot government have taken a much more proactive approach and under the autopsies of the Troika of international lenders, who provided a 12 billion Euro bailout in 2013, title deeds are finally reaching their legitimate owners. Aristo Developers were also keen in their press release to point out that all the properties “are free from any encumbrances”.

Another important subject of existing property developers’ loans on land that they have subsequently developed will be dealt with by further ground breaking legislation. New laws are designed to break the link between already sold property, banks and developers, allowing worried owners to finally get the deeds for their properties.

Great news for buyers and sellers alike! We look forward to listing more of high quality deeded resale properties in Paphos.